Predator Oil and Gas (LON: PRD) has appointed Aberdeen-based well management specialist Zenith Energy for a project in Morocco.
The Jersey-based firm said Zenith will provide additional well engineering support as operations expand in its North Africa project.
Predator chief executive Paul Griffiths said the project in Morocco was a “world class” and involved an “exciting” helium play.
In an update to the stock exchange, Predator said a geological model for the helium potential of the MOU-5 structure has been completed by Scorpiongeoscience and that potential helium resources estimates will be published this month.
Predator initially started drilling the well in 2022.
© Supplied by Predator Oil & GasThe firm added drilling of the “high impact” MOU-5 well will evaluate potential both for helium and a gas-to-power project adjacent to the Maghreb Gas Pipeline.
It added, MOU-5 is a “conventional well that does not require the same specialist Rharb Basin drilling experience and expertise that was necessary to successfully complete the 2021 and 2023 drilling programmes”.
Griffiths said: “The company’s operations are progressing smoothly. Maintaining fiscal discipline allows us not only to be fully funded for all our firm commitments for the next 12 months but also provides us with discretionary cash flexibility to strengthen elements of our work programmes, if necessary, to apply different technologies to potentially enhance reservoir performance and de-risk flow assurance of oil and gas.
“The company’s foundations are based on three pillars: fiscal discipline; project diversity and flexibility from exploration through appraisal to development and production; and the ability to add near-term producing assets for minimal or zero cash consideration.
“The flexibility for drilling the giant ‘world class’ MOU-5 structure with the added potential of realising a helium play is an exciting near term prospect.”
In 2023, Zenith acquired Prodrill Energy Resource Solutions, an Aberdeen-based recruitment specialist.
More to follow.
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